READING: John Lippert on þe Idiocy of þe…

No. There is neither a transcript nor a video nor an audio of John Cochrane's 2008 CRISP Forum keynote at the Gleacher Center. It appears to have been deep-sixed. All we have of it appears to be Cochrane’s declaration—made at a time when the share of the U.S. labor force in construction was below its long-run average and had been below its long-run average for fifteen months—that: “we should have a recession. People who spend their lives pounding nails in Nevada need something else to do.” No recognition at all that the structural-adjustment climb-down from the housing boom had already taken place. No recognition that structural adjustment takes place by pulling people into high-value jobs, not by pushing them out of low-value jobs into zero-value non-jobs. No recognition at all...

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